Long term CGTax

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  1. Vidya Sagar

    Vidya Sagar New Member

    Greetings!
    I am a British Citizen now residing in India.
    My father left a Will under which I am the co-trustee with my mother. My mother has a living right until her death.After her death I am mentioned as the sole beneficiary absolute.My father did on 11.1.1981.
    We have our own residential house which is in trust with co-trustees. After the death of my mother I will be entitled to transfer the house on my name.
    The house is of one kanal built way back in 1964.
    I have intention to sell the property after having it transferred in my name. I would like to shift the sale proceeds abroad.I am told I would be allowed to do so after the permission from the Reserve Bank of India.I would like to know my position with regard to Long Term CGT.
    Would my acquisition cost be taken as from the time of the transfer in my name or from the time when my father died on 11.1.1981?
    Many thanks in anticipation. Vidya Sagar
     
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